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London homeowners 'hit hard' by property market powers

Vince Cable appalled about the size of home loans

Business Secretary, Vince Cable, says he is appalled about the size of some loans being agreed by some lenders and has urged the Bank of England to use its powers to intervene.

Credit: PA

Vince Cable renewed his stark warnings about the threat to the wider economy posed by soaring house prices in London and the south east amid reports Chancellor George Osborne will tackle the issue in his annual Mansion House speech later.